How the new GOP Congress exposed the absurdity of our budget debates

Is America headed for a debt crisis? Depends on how you look at it.

Social Security
(Image credit: (Justin Sullivan/Getty Images))

House Republicans raised a number of eyebrows with an under-the-radar change to Social Security and disability insurance this week.

Social Security proper — also called Old-Age and Survivors Insurance (OASI) — and Disability Insurance (DI) both exist under the umbrella of the Social Security program, and both are funded by payroll taxes. Both programs also have trust funds, to cover years when the incoming cash from taxes does not equal the benefits the programs pay out. Congress has shifted resources between the two funds at least 11 times in the past.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.